The offer is available to new HSBC UK customers who open an Advance or Premier Account and meet certain criteria
HSBC UK has a new offer for new customers, where they can get up to £220 by switching.
This involves opening a current account with HSBC and regularly saving money. Customers can get £100 after opening an Advance or Premier Account and meeting the criteria, which includes opening an Online Bonus Saver.
If customers keep meeting monthly criteria including depositing at least £50 into their Online Bonus Saver every month, they could get up to another £120 over 12 months as part of the offer, getting up to £220 in total. The Online Bonus Saver gives 4.00% AER (annual equivalent rate) on balances up to £50,000 and 2.30% AER on any part of the balance which is over £50,000.
However, a normal interest rate of 2.00% applies to balances in any month where money is taken out or the account is closed. The interest rate including bonus is given in any month where someone does not take out money or close their account.
The £220 offer is subject to certain terms and conditions. To qualify for the first £100 incentive, terms include using the Current Account Switch Service (Cass) for the switch, which must include at least two direct debits or standing orders.
Within 60 days of opening the account, customers must deposit at least £1,500, which could be money from a salary, and make at least 20 transactions using their HSBC debit card. You also have to log in to mobile banking and start an Online Bonus Saver account with at least £50. Do all this and you’ll get £100 in your current account within 30 days.
If you keep putting at least £50 a month into your Online Bonus Saver, you can get another £120. This means you get £10 each month for up to 12 months, as long as you meet the rules. Missing out one month doesn’t stop you from getting the bonus the next time.
But not everyone can get this offer. It’s not for people who’ve been with HSBC UK or First Direct since January 1, 2019, or live on the Channel Islands or Isle of Man. HSBC says the offer is available “until further notice”. Cash switching offers from other banks currently include £200 to move to a NatWest/RBS current account and £175 to switch to Lloyds.
James Hyde from Moneyfactscompare.co.uk said: “HSBC has joined the small group of providers currently offering cash incentives to attract consumers. This switching offer of up to £220 makes it potentially the most lucrative on the market at present.
“However, it’s worth pointing out that £120 of this figure is dependent on regular deposits being made over 12 months. Switching offers such as these are a great way of securing an instant cash injection, and incentives to encourage continuous saving are always a welcome option too.
“The process of transferring a current account is often very straightforward, so consumers would be wise to consider their options if they like what they see elsewhere.”
